Egypt receives solar energy funding from World Bank

6 Oct 2010

Egypt has secured $270m (around €195m) funding for its solar power plant from the World Bank, according to Reuters.

The World Bank money includes a $100m (around €72m) investment by the Clean Technology Fund, which is affiliated with the World Bank, and a $170m (around €122m) loan from the bank, the statement said.

In 2008, Egypt’s Supreme Council of Energy approved a plan that would see the country become 20pc dependent on renewable energies by 2020.

Egypt, which has 25,000 megawatts of power capacity, plans to spend money to triple energy capacity by 2027.